10-Q Filing

FRESHPET, INC. CIK: 1611647 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-011796`
Period End Date	20180331
Filing Date	20180508
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	frpt-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 36 Cash Flow Statement 55

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.14M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.13M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.04M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.13M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$12.72M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.14M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$12.10M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.87M	USD	Point-in-time
Inventories, net	`InventoryNet`	$10.12M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.20M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$819.40K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$732.96K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$829.45K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$26.96M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$26.66M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$100.60M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$101.66M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$4.90M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$4.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.97M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.00M	USD	Point-in-time
Total Assets	`Assets`	$135.23M	USD	Point-in-time
Total Assets	`Assets`	$133.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.17M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$7.52M	USD	Point-in-time
Borrowings under Credit Facilities	`ShortTermBorrowings`	-	USD	Point-in-time
Borrowings under Credit Facilities	`ShortTermBorrowings`	$6.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$20.20M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$16.69M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$297.74K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$304.84K	USD	Point-in-time
Total Liabilities	`Liabilities`	$20.50M	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.00M	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000,000 shares authorized, 35,139,244 and 35,132,548 issued and outstanding on March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$35.13K	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000,000 shares authorized, 35,139,244 and 35,132,548 issued and outstanding on March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$35.14K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$312.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$313.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-195.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-199.51M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$275.68K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$76.13K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$116.90M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$114.73M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$133.90M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$135.23M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`SalesRevenueNet`	$33.68M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$43.17M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$23.04M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$17.87M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$15.80M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$20.13M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$18.54M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$23.54M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.41M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.74M	USD	1 Quarter
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$57.68K	USD	1 Quarter
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$-22.98K	USD	1 Quarter
Interest Expense	`InterestExpense`	$69.00K	USD	1 Quarter
Interest Expense	`InterestExpense`	$175.98K	USD	1 Quarter
Other Income/(Expenses), Total	`NonoperatingIncomeExpense`	$-118.30K	USD	1 Quarter
Other Income/(Expenses), Total	`NonoperatingIncomeExpense`	$-91.98K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.86M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.50M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$20.75K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$19.03K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-3.52M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.88M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.88M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.52M	USD	1 Quarter
Change in foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$199.55K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$199.55K	USD	1 Quarter
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-2.88M	USD	1 Quarter
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-3.32M	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	35.14M	shares	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	33.56M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.56M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.14M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.52M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.88M	USD	1 Quarter
Provision for loss/(gains) on accounts receivable	`ProvisionForRecoveryOfLossesGainsOnAccountsReceivable`	$5.23K	USD	1 Quarter
Provision for loss/(gains) on accounts receivable	`ProvisionForRecoveryOfLossesGainsOnAccountsReceivable`	$77.16K	USD	1 Quarter
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-6.00K	USD	1 Quarter
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-27.88K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$930.16K	USD	1 Quarter
Fair value adjustment for outstanding warrants	`FairValueAdjustmentOfWarrants`	$-108.12K	USD	1 Quarter
Change in reserve for inventory obsolescence	`ChangeInReserveForInventoryObsolescence`	$81.92K	USD	1 Quarter
Change in reserve for inventory obsolescence	`ChangeInReserveForInventoryObsolescence`	$52.72K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.05M	USD	1 Quarter
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCostsAndDiscounts`	$28.77K	USD	1 Quarter
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCostsAndDiscounts`	$40.75K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-617.07K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-90.75K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-190.78K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.29M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-284.94K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-275.71K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$265.27K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-281.91K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-829.07K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.80M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-736.95K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.78M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-7.10K	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.08M	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-226.08K	USD	1 Quarter
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$4.97M	USD	1 Quarter
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$3.27M	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$5.83K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.97M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-3.26M	USD	1 Quarter
Exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$53.86K	USD	1 Quarter
Exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$553.22K	USD	1 Quarter
Proceeds from borrowings under Credit Facilities	`ProceedsFromLinesOfCredit`	$6.00M	USD	1 Quarter
Repayment of borrowings under Credit Facilities	`RepaymentsOfLinesOfCredit`	$1.25M	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$6.05M	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-696.78K	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.88M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$855.08K	USD	1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$3.91M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.02M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$3.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$3.91M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.02M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$3.04M	USD	Point-in-time
Interest paid	`InterestPaid`	$37.29K	USD	1 Quarter
Interest paid	`InterestPaid`	$154.16K	USD	1 Quarter
Property, plant and equipment purchases in accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$1.45M	USD	1 Quarter
Property, plant and equipment purchases in accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$1.05M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.